Search
 

Mortgage REIT Adds $50B Servicing Platform

The acquisition of Shellpoint Partners will provide New Residential Investment Corp. with recapture abilities that can both enhance returns on its existing mortgage serving portfolio and create new revenue channels, says CEO Michael Nierenberg.

By Paul Bubny | Updated on November 29, 2017

Photo of 1345 Ave. of the Americas New Residential is headquartered at the AllianceBernstein Building in New York City. (Photo: AllianceBernstein)

NEW YORK CITY—New Residential Investment Corp. (NRZ) said Wednesday it had signed agreements to acquire specialty finance company Shellpoint Partners, a $190-million acquisition that the mortgage REIT says is highly complementary to its existing capabilities, including mortgage servicing rights. An approved Fannie Mae and Freddie Mac seller and servicer, Shellpoint will bring a $50-billion servicing portfolio and annual origination volume of about $6.6 billion to the mix, the latter through its New Penn Financial platform.

“Shellpoint’s origination and servicing platforms provide New Residential with recapture capabilities that can help enhance returns on our existing MSR portfolio and create new complementary revenue channels,” says NRZ CEO Michael Nierenberg. “In addition, as a rated servicer, we believe Shellpoint will provide added servicing capacity to further diversify our servicing relationships and help accelerate transfer timelines for our MSR purchases.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.